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
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
