Transactions with Affiliated Funds

9 Months Ended

Sep. 30, 2022

Transactions With Affiliated Funds [Abstract]

The firm has formed nonconsolidated investment funds with third-party investors. As the firm generally acts as the investment manager for these funds, it is entitled to receive management fees and, in certain cases, advisory fees or incentive fees from these funds. Additionally, the firm invests alongside the third-party investors in certain funds.

The tables below present information about affiliated funds.


	Three Months Ended September				Nine Months Ended September
$ in millions	2022		2021		2022		2021
Fees earned from funds	$	1,172	$	1,046	$	3,422	$	2,647


	As of
	September		December
$ in millions	2022		2021
Fees receivable from funds	$	1,187	$	873
Aggregate carrying value of interests in funds	$	3,784	$	4,321

The firm has waived, and may waive in the future, certain management fees on selected money market funds to enhance the yield for investors in such funds. Management fees waived were $11 million for the three months ended September 2022, $156 million for the three months ended September 2021, $110 million for the nine months ended September 2022 and $422 million for the nine months ended September 2021.

In accordance with the Volcker Rule, the firm does not provide financial support to covered funds. However, in the ordinary course of business, the firm may choose to provide voluntary financial support to funds that are not subject to the Volcker Rule, although any such support is not expected to be material to the results of operations of the firm. Except for the fee waivers noted above, the firm did not provide any additional financial support to its affiliated funds during either the three or nine months ended September 2022 or September 2021.

In addition, in the ordinary course of business, the firm may also engage in other activities with its affiliated funds, including, among others, securities lending, trade execution, market-making, custody, and acquisition and bridge financing. See Note 18 for information about the firm’s investment commitments related to these funds.