CBA fund flows slip into negative territory
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.
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