Société Générale Asset Management, the funds arm of the French bank, today said net inflows of new money hit €16.9bn ($23bn) in the first quarter, up 36% from last year, but net profits fell as the division added staff and increased bonuses.

The division said money market and fixed income funds were largely behind the increase in sales. However, higher expenses, which were also caused by commercial investment, drove net income down 3.5% to €82m.