Goldman Sachs Asset Management, which includes its private wealth management business, reported $12 billion in net asset inflows for the fourth quarter of 2009.

Overall, the division saw a $23 billion increase in assets under management over the quarter to $871 billion, with $11 billion of market appreciation across all asset classes.

Net revenues were $1.13 billion for the fourth quarter, 16% higher than the previous quarter and 19% higher than the same period last year. The firm says the increase is due to higher incentive fees and management fees.

However, the full year results for the division weren’t quite so rosy. Over the whole of 2009, Goldman had net asset outflows of $3 billion. Net revenues were also down 13% from the previous year to $3.97 billion, reflecting lower fees due to market depreciation and the types of assets managed.

Overall, Goldman Sachs earned $4.95 billion for the fourth quarter on net revenue of $9.62 billion.