Outflows hit Société Générale Asset Management

Investments in riskier credit instruments hurt Société Générale's asset management division in the first quarter, as investors pulled €5.2bn ($8bn) from so-called dynamic money market funds pushing it to a loss of €139m, compared to an €82m profit in the first quarter of last year.

Dynamic money market funds, which seek to generate better returns than ordinary cash funds by investing in higher-yielding debt instruments such as asset-backed securities, have been caught up in the credit crisis.

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