Profits at ABN Amro Asset Management edged higher in the first quarter of the year due to a shift in the division's asset mix to more profitable products, increased revenues on the back of enhanced cross-selling opportunities, and improved management fees.

Operating profit before tax increased by 2.6% to €80m ($109bn) compared to same period last year, on total operating income that went up by 10% to €231m, driven by higher management and service fee income, the business said in a statement today.