The last full year of results for Société Générale Asset Management, which French bank Société Générale is selling into a joint venture with rival Crédit Agricole, show a business with accelerating after-tax losses amounting to €258m ($324m) for the whole year, making it the bank's most loss-making division.

An analysis of its results shows revenue falling during the year. The second and third quarter revenues were down about 25% on the previous year's. The first and fourth quarter revenues were not comparable with the previous years because they were hit by write-offs, including €290m spent protecting investors in its money market funds from losses, €108m of seed finance written off and €95m in fund restructuring costs.