SG Asset Management, the fund management subsidiary of French banking group Société Générale, reported €12.6bn ($18.5bn) in net outflows in the third quarter, as three collateralised debt obligations were terminated and investors withdrew capital from money market funds.

The outflows led the asset management division to report a 19% drop in revenues to €243m in the third quarter compared to the same period last year. Net income fell 48% to €40m.