Investments in riskier credit instruments hurt Société Générale's asset management division in the first quarter, as investors pulled â¬5.2bn ($8bn) from so-called dynamic money market funds pushing it to a loss of â¬139m, compared to an â¬82m profit in the first quarter of last year.
Dynamic money market funds, which seek to generate better returns than ordinary cash funds by investing in higher-yielding debt instruments such as asset-backed securities, have been caught up in the credit crisis.
