The rate at which SG Private Banking attracted new money last year slowed considerably, according to the bank's annual report, but the division was nevertheless the star performer in the French bank's asset management business.

SG Private Banking said net new money grew by €4.5bn last year, equivalent to 6% of assets, down from the €8.8bn achieved in 2007. Total assets under management fell by 13% in the year to end 2008 at €66.9bn. Nevertheless, revenues rose by 2% last year to €839m, as the bank kept a tight control on costs.