Four Trillion Dollars Under SupervisionNarrow moat

Goldman Sachs (GS) — moat facet

Goldman supervises four trillion dollars and has gathered new long-term money for 34 quarters in a row.

Goldman's asset and wealth business charges fees on money it supervises, and that money has grown fast. Assets under supervision were $3,137 billion at the end of 2024, $3,606 billion at the end of 2025 and a record $4,041 billion in June 202612, about 12% growth in six months3.

Assets under supervision ($tn)3.14Dec 20243.29Jun 20253.61Dec 20254.04Jun 2026Goldman Sachs Q4 2025 and Q2 2026 earnings releases
A record, and still rising.

The inflows have been steady. The second quarter of 2026 was the 34th consecutive quarter of long-term fee-based net inflows4. Long-term net inflows were $168 billion across 2025, and total net inflows including liquidity products $224 billion5.

The mix in June 2026 was $1,394 billion of fixed income, $1,123 billion of equity, $1,065 billion of liquidity products and $459 billion of alternatives6. By channel, long-term assets came $1,252 billion from institutions, $1,041 billion from wealth clients and $683 billion through third-party distribution7.

The fees follow. Management and other fees were $9,477 million in 2023, $10,415 million in 2024 and $11,538 million in 20258. In the second quarter of 2026 they were a record $3,355 million, up 20%9.

The second quarter's rise was the largest in the series. Assets under supervision grew by $391 billion in three months, from $3,650 billion to $4,041 billion1011. Separate accounts made up 53% of assets by vehicle, public funds 29% and private funds 18%12.

The first quarter of 2026 shows the other side: net inflows of $87 billion were partly offset by $43 billion of market depreciation13. The asset total follows markets as well as clients, so a single quarter says little about the franchise.

Scale matters in asset management because the cost of running a fund range does not rise with its size, and because the largest institutions prefer managers that can take large mandates. Goldman named two in its strategy presentation, a Shell pension mandate of about $40 billion and an Eli Lilly retirement mandate of about $25 billion14. One quarter of long-term net outflows would end a run of 34 and say the gathering had stalled.

Moat trajectory: Widening

AUS $3.14tn (2024) to $4.04tn (June 2026).

The number that tests this moat
Reported
Assets under supervision, latest quarter
$4,041bn (Q2 2026) vs $3,606bn at end-2025

The base the fees are charged on; a quarter of long-term outflows would end a run of 34.

Source: Goldman Sachs Q2 2026 earnings results ↗
⚠ Threats to the moat
⚠ THREAT 01
Much of the Inflow Was Cash and a Purchase
Most of Goldman's record quarter of inflows went into money-market funds or came with an acquisition.
References
  1. ReportedAssets under supervision were $3,137 billion at the end of 2024, $3,606 billion at the end of 2025 and a record $4,041 billion in June 2026, about 12% growth in six months.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - Asset & Wealth Management revenues and assets under supervision. — Q2 2026 · publ. 14 July 2026 · source ↗
  2. ReportedAssets under supervision were $3,137 billion at the end of 2024, $3,606 billion at the end of 2025 and a record $4,041 billion in June 2026, about 12% growth in six months.
    Goldman Sachs full-year and fourth-quarter 2025 earnings results, Form 8-K exhibit 99.1 - net revenues by region, net interest income, deposits, loans, AUS rollforward, capital returned and Apple Card effects. — FY2025 · publ. 15 January 2026 · source ↗
  3. Moat Explorer calcAssets under supervision were $3,137 billion at the end of 2024, $3,606 billion at the end of 2025 and a record $4,041 billion in June 2026, about 12% growth in six months.
    Moat Explorer calculation from Goldman Sachs' reported figures ($ millions unless stated; calendar years). Growth: net revenues 2025 58,283 / 53,512 - 1 = 8.9%, about 9%; 2022 47,365 / 59,339 - 1 = -20.2%; net earnings 2022 11,261 / 21,635 - 1 = -47.9%, nearly half; pre-tax earnings 21,852 / 10,739 = 2.03 times, about double; compensation 18,906 / 16,706 - 1 = 13.2%; total operating expenses 37,544 / 33,767 - 1 = 11.2%; preferred dividends 876 / 751 - 1 = 16.6%; CEO pay 47 / 39 - 1 = 20.5%; equities 16,535 / 11,549 - 1 = 43.2%; FICC 14,522 / 12,150 - 1 = 19.5%; FICC intermediation 10,271 / 9,318 - 1 = 10.2%; FICC financing 4,251 / 2,832 - 1 = 50.1%; Global Banking & Markets 41,453 / 29,994 - 1 = 38.2%; GBM pre-tax 17,574 / 11,000 - 1 = 59.8%; advisory 4,726 / 3,299 - 1 = 43.3%; underwriting (1,784 + 2,829) / (1,153 + 1,763) = 4,613 / 2,916 - 1 = 58.2%; investment banking fees 9,339 / 6,215 - 1 = 50.3%; 9,339 - 6,215 = 3,124, about $3.1 billion; Q2 2026 pace 3,395 x 4 = 13,580, 13,580 / 9,339 = 1.45; financing 11.45 / 6.03 = 1.90, close to double; intermediation best/worst 19.6 / 15.8 = 1.24; equity underwriting Q2 985 / 428 - 1 = 130%; H1 2026 equities 12,742 / 8,493 - 1 = 50%. Assets under supervision: 4,041 / 3,606 - 1 = 12.1% (six months); 3,606 / 3,137 - 1 = 15.0%; Q2 2026 rise 4,041 - 3,650 = 391 = inflows 230 + appreciation 161; management and other fees 11,538 / 10,415 - 1 = 10.8%; historical principal investments 9.4 - 6.0 = 3.4 billion; alternatives target 750 - 459 = 291 billion, 291 / 4.5 = 64.7, about 65 a year; 291 x 0.58% = 1.69 billion, about 1.7 billion; Shell mandate 40 / 4,041 = 1.0%; AWM ROE 12.5 + 2.3 = 14.8, near 15%. Shares of revenue: GBM 15,520 / 20,338 = 76.3% (Q2 2026), 41,453 / 58,283 = 71.1% (2025), 29,994 / 46,254 = 64.8% (2023); AWM 16,679 / 58,283 = 28.6% (2025), 16,316 / 53,512 = 30.5% (2024), 14,202 / 46,254 = 30.7% (2023), 4,597 / 20,338 = 22.6% (Q2 2026); equities 7,416 / 15,520 = 47.8% of the segment in Q2 2026; advisory 4,726 / 58,283 = 8.1%; GBM pre-tax 17,574 / 21,852 = 80.4%; FICC plus equities 14,522 + 16,535 = 31,057; Q2 2026 financing 1,216 + 3,259 = 4,475; durable revenues 26.3 / 58.283 = 45.1% (2025), 12.2 / 36.546 = 33.4% (2019); GBM assets 1,582,670 / 1,809,320 = 87.5%; brokered and sweep deposits (47 + 34) / 501 = 16.2%; compensation 18,906 / 37,544 = 50.4% of operating expenses; preferred dividends 876 / 17,176 = 5.1% of net earnings; financing against alternatives fees 11.45 / 2.37 = 4.8, about five times. Margins: GBM pre-tax margin 17,574 / 41,453 = 42.4% (2025), 11,000 / 29,994 = 36.7% (2023); AWM 4,127 / 16,679 = 24.7% (2025), 4,865 / 16,316 = 29.8% (2024), 1,763 / 14,202 = 12.4% (2023). Balance sheet and capital: total assets 2,128 / 1,675.972 - 1 = 27.0% (end-2024 to June 2026); equity 121,996 to about 123,000, almost unchanged; deposits 558 / 433 - 1 = 28.9%, about 29%; loans to deposits 261 / 558 = 46.8%, about 47%; JPMorgan deposits 2,559,320 / 501,000 = 5.1 times; CET1 headroom 12.9 - 11.4 = 1.5 points, about 150 basis points; a repeat of the first-half fall 12.9 - (14.3 - 12.9) = 11.5%; basic shares 298.4 / 322.9 - 1 = -7.6%, about 8% fewer; TBVPS 335.49 / 316.02 - 1 = 6.2%; buyback price 935.45 / 984.57 - 1 = -5.0%; first-half ROE 21.7 - 1.7 = 20.0%; Platform Solutions pre-tax losses 783 + 1,047 + 1,989 + 2,175 + 1,075 = 7,069, about $7.1 billion. Valuation: trailing twelve months to June 2026 net revenues 58,283 - 29,645 + 37,565 = 66,203; net earnings 17,176 - 8,461 + 12,258 = 20,973; diluted EPS 51.32 - 25.07 + 38.51 = 64.76; P/E 283,220 / 20,973 = 13.5; P/S 283,220 / 66,203 = 4.28; year-end P/E 263.64 / 17.176 = 15.35 (2025), 179.75 / 14.276 = 12.59 (2024), 125.80 / 8.516 = 14.77 (2023), 128.08 / 21.635 = 5.92 (2021); 52-week high 935.45 / 1,153.99 - 1 = -18.9%, about 19% below; Morgan Stanley gap 308.32 - 283.22 = 25.1 billion; market value on basic shares 298.4 x 935.45 = 279.1 billion. Further: Platform Solutions provisions against revenue (old basis) 1,728 / 1,502 = 115% (2022), 1,135 / 2,378 = 47.7%, about 48% (2023), 1,540 / 2,427 = 63.5%, about 63% (2024); 2021 to 2022 revenue fall 59,339 - 47,365 = 11,974, about $12 billion; Q2 2026 equities less Q1 7,416 - 5,326 = 2,090; AWM revenue 2025 16,679 / 16,316 - 1 = 2.2%; liquidity products 1,065 / 4,041 = 26.4%, about a quarter; AUS year on year 4,041 / 3,293 - 1 = 22.7%, about 23%; alternatives 459 / 2,976 = 15.4% of long-term AUS; private banking and lending H1 2026 638 + 689 = 1,327, x 2 = 2,654, near $2.7 billion; VaR factors before diversification 82 + 65 + 19 + 30 = 196; GBM Q1 2026 12,738 / 17,227 = 73.9%, about 74%; transaction banking and private bank deposits (70 + 101) / 501 = 34.1%, about a third; GBM assets share 87.5%, nearly nine-tenths; EMEA 2025 14,155 / 12,250 - 1 = 15.6%, about 16%; unsecured long-term borrowings 285,500 / 242,634 - 1 = 17.7%, about 18%; JPMorgan deposits 2,559,320 / 2,406,032 - 1 = 6.4%; Goldman deposits 501 / 433 - 1 = 15.7%, about 16%; H1 2026 financing 2,278 + 5,867 = 8,145; Q2 2026 compensation 6,104 / 4,685 - 1 = 30.3%; diluted shares 321.4 / 306.5 - 1 = 4.9%, about 5%; advisory 2025 4,726 / 3,534 - 1 = 33.7%, about 34%; underwriting 2025 (1,784 + 2,829) / (1,677 + 2,521) = 4,613 / 4,198 - 1 = 9.9%, about 10%; debt share of underwriting 2,829 / 4,613 = 61.3%, about three-fifths; wealth channel 1,041 / 862 - 1 = 20.8%, about 21%; CET1 ratio 101,657 / 790,640 = 12.86%; 101,657 / 800,640 = 12.70%, so 10 billion of RWAs costs about 16 basis points; GBM pre-tax Q2 2026 7,499 / 4,075 - 1 = 84.0%; market value 2025 263.64 / 179.75 - 1 = 46.7% - Asset & Wealth Management arithmetic: assets under supervision, fees, alternatives and segment shares. — FY2019-Q2 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Goldman Sachs' Forms 10-K and 10-Q, its earnings releases and presentations, JPMorgan's Form 10-K and market data; operands shown in the source line.
  4. ReportedThe second quarter of 2026 was the 34th consecutive quarter of long-term fee-based net inflows.
    Goldman Sachs second-quarter 2026 earnings presentation, Form 8-K exhibit 99.2 - ROE, ROTE, efficiency ratio, Dealogic rankings, AUS by channel, alternatives fundraising and wealth figures. — Q2 2026 · publ. 14 July 2026 · source ↗
  5. ReportedLong-term net inflows were $168 billion across 2025, and total net inflows including liquidity products $224 billion.
    Goldman Sachs full-year and fourth-quarter 2025 earnings results, Form 8-K exhibit 99.1 - net revenues by region, net interest income, deposits, loans, AUS rollforward, capital returned and Apple Card effects. — FY2025 · publ. 15 January 2026 · source ↗
  6. ReportedThe mix in June 2026 was $1,394 billion of fixed income, $1,123 billion of equity, $1,065 billion of liquidity products and $459 billion of alternatives.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - Asset & Wealth Management revenues and assets under supervision. — Q2 2026 · publ. 14 July 2026 · source ↗
  7. ReportedBy channel, long-term assets came $1,252 billion from institutions, $1,041 billion from wealth clients and $683 billion through third-party distribution.
    Goldman Sachs second-quarter 2026 earnings presentation, Form 8-K exhibit 99.2 - ROE, ROTE, efficiency ratio, Dealogic rankings, AUS by channel, alternatives fundraising and wealth figures. — Q2 2026 · publ. 14 July 2026 · source ↗
  8. ReportedManagement and other fees were $9,477 million in 2023, $10,415 million in 2024 and $11,538 million in 2025.
    Goldman Sachs Form 10-K for fiscal 2025 - segment results on the basis restated in the fourth quarter of 2025: net revenues by line, pre-tax earnings, return on equity, average common equity, loans and assets by segment for 2023-2025 - Asset & Wealth Management and Platform Solutions segment results. — FY2023-FY2025 · publ. 25 February 2026 · source ↗
  9. ReportedIn the second quarter of 2026 they were a record $3,355 million, up 20%.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - firm results: net revenues, earnings, EPS, returns and costs. — Q2 2026 · publ. 14 July 2026 · source ↗
  10. ReportedAssets under supervision grew by $391 billion in three months, from $3,650 billion to $4,041 billion.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - Asset & Wealth Management revenues and assets under supervision. — Q2 2026 · publ. 14 July 2026 · source ↗
  11. ReportedAssets under supervision grew by $391 billion in three months, from $3,650 billion to $4,041 billion.
    Goldman Sachs second-quarter 2026 earnings presentation, Form 8-K exhibit 99.2 - ROE, ROTE, efficiency ratio, Dealogic rankings, AUS by channel, alternatives fundraising and wealth figures. — Q2 2026 · publ. 14 July 2026 · source ↗
  12. ReportedSeparate accounts made up 53% of assets by vehicle, public funds 29% and private funds 18%.
    Goldman Sachs second-quarter 2026 earnings presentation, Form 8-K exhibit 99.2 - ROE, ROTE, efficiency ratio, Dealogic rankings, AUS by channel, alternatives fundraising and wealth figures. — Q2 2026 · publ. 14 July 2026 · source ↗
  13. ReportedThe first quarter of 2026 shows the other side: net inflows of $87 billion were partly offset by $43 billion of market depreciation.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - Asset & Wealth Management revenues and assets under supervision. — Q2 2026 · publ. 14 July 2026 · source ↗
  14. ReportedGoldman named two in its strategy presentation, a Shell pension mandate of about $40 billion and an Eli Lilly retirement mandate of about $25 billion.
    Goldman Sachs fourth-quarter 2025 earnings presentation and strategy update, Form 8-K exhibit 99.2 - Asset & Wealth Management: alternatives fundraising, fees, wealth, mandates and historical principal investments. — FY2025 · publ. 15 January 2026 · source ↗
Sources
Generated September 28, 2026