SG Asset Management, part of French banking group Société Générale, pulled in net new business of €5.7bn ($7.4bn) in the third quarter, despite having to write down €4.4bn in assets due to volatile foreign exchange conditions and asset valuations.

The new business takes net inflows for the nine months to September 30 to €17.1bn - an annualised increase of 10%. Total assets under management at SGAM reached €264bn compared to €237bn at the same point last year.