Assets under management at Allianz, the German financial services firm, hit €1trillion ($1.25 trillion) in the first quarter of this year, but profits at its Dresdner Kleinwort Wasserstein investment bank fell by a third.

Allianz assets totalled €1.06 trillion compared with €996bn in the same period last year and third party funds rose to €598bn, up €33bn, of which €9bn was new money and the remainder the impact from favourable markets.