Commonwealth Bank ofAustralia’s (CBA) wealth management business has reported good results for the quarter ending June 30, including a 200 per cent increase in net inflows into ColonialFirstState’s FirstChoice platform compared to June 2006.
A last minute surge in superannuation contributions saw FirstChoice break through the $40 billion mark in funds under administration (FUA), amounting to a 51 per cent growth for the year.
Across the board, CBA’s funds management businesses benefited from the current positive investment environment with strong retail and wholesale flows.
As at June 30, funds under management totalled $139.7 billion, a figure that is up 17.7 per cent for the year and 6.8 per cent for the quarter.
FUA for the same period topped $177.1 billion, an increase of 16.9 per cent for the year and 7.1 per cent for the quarter.
