The Commonwealth Bank of Australia (CBA) has revealed both its funds under advice and management slipped in the June quarter, but FirstChoice flows and in-force insurance premiums continue to grow.
In a statement to the Australian Securities Exchange this morning, the CBA said it funds under administration were $187 billion at 30 June 2010, down 1.3 per cent for the quarter.
Net flows for the quarter were negative $50 million, impacted by outflows from wholesale short-term cash mandates. FirstChoice recorded positive net flows of $872 million for the quarter.
Funds under management at 30 June 2010 were $144 billion, down 0.6 per cent for the quarter, a result of outflows from short-term cash mandates. Insurance Inforce Premiums were up 2.5 per cent for the quarter to $1,584 million at 30 June 2010, driven by consistent growth across all lines.
