Strong A$ and soft markets hit CBA
The strength of the Australian dollar and softening equity markets have impacted the funds position of the Commonwealth Bank, according to the latest data released to the Australian Securities Exchange (ASX) today.
The bank announced that funds under management (FUM) for the June quarter stood at $197 billion, a 1.3 per cent decline largely attributable to the appreciating Australian dollar and falls in investment markets, with the ASX200 down 4.8 per cent and the MSCI World (AUDF) index down 3 per cent over the quarter.
However, the bank said retail net flows were up for the quarter due to strong flows into the FirstChoice and Customs Solutions platforms, while wholesale products were impacted by the outflow of short-term cash mandates.
The ASX announcement said that FUM at 30 June stood at $149 billion, down 1.9 per cent for the quarter.
It said insurance in-force premiums were up 3 per cent for the quarter to $1,640 million with growth across all business lines.
AUTHOR
Mike Taylor
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