SGAM, Société Générale's asset management operation, contributed €255m ($220m) to the French bank's total net income of €2.2bn in 2001, which was almost identical to the net income in 2000.

Assets under management increased from €200bn to €300bn due to the integration of TCW, the US business it acquired last year, and net inflows of money. The 50% increase is especially significant in light of results from competitors such as MLIM and UBS, which did well merely to maintain their assets under management in 2001.