Pre-tax profits at Barclays' investment banking arm powered to a record in the first three months of the year, but profit gains at the UK group's fund management unit were wiped out by the weakness of the US dollar.

Barclays, which is aiming to push through its record takeover of Dutch rival ABN Amro, today said in a trading statement that group first-quarter pre-tax profits were 15% higher than in the same period last year. He cited Barclays Capital as the main driver of growth.