Société Générale Asset Management, the funds arm of the French bank, today said net profits fell over 4% despite almost €6bn ($7.7bn) growth in assets under management. The bank said the business was "one of the group's main development priorities".

The funds division made net profits of €69m, while assets under management were boosted to €345bn by additional fixed income business, which made the manager the fourth largest bank-owned asset manager in the eurozone.