FRANCE - Société Générale has posted its third quarter results, showing sub-prime related losses and poor performance as a result of the turbulent summer in the asset management division, but an over all increase in assets under management.
Third quarter outflows were €12.6bn (US$18.5bn) against inflows of €5.6bn ($8.2bn) for the same period last year. The majority of these outflows (€7.4bn, $10.9bn) were incurred through withdrawals from the dynamic money market funds.
A further €4.2bn ($6.2bn) of outflows were caused by the termination of three contractualised debt obligations (CDOs).
Gross operating income fell slightly under 45% against the same period last year, while net income fell by almost half (47.8%) to €40m ($58.8m)
Assets under management rose €29.6bn ($43.6bn) over last year, to €374.6bn ($551bn).
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