The asset management division of French bank Credit Agricole significantly outperformed its new partner, the funds arm of Société Générale, with a 12.9% fall in assets last year, as net inflows into some of its funds offset a larger slump.

Credit Agricole reported in yearly results today that its assets under management had dropped €67.8bn ($84.8bn) to €457.5bn over the year. It said some €44.6bn of this loss was due to falling asset values with €23.1bn being withdrawn by investors.