First quarter profits at Société Générale's fund management division rose 50% to €78m ($92m) boosted by a surge in new money and more than doubled private banking profits.

Total assets at the end of March stand at €300bn, up almost €16bn from the start of the quarter. Net new money totalled €6.2bn over the period, compared with just €2.9bn a year ago, and €2.2bn in the final quarter of 2003.