A fall in value of Australian stocks caused funds under management at Perpetual to slip in value by about 4% or $1.6 billion in the June quarter to $30.2 billion.
No clients were lost during the quarter. The performance of the ASX was the main issue which lost about 7% over the three months.
This chart shows the impact of Australian stocks:
Perpetual says the biggest single contributor to the change was a decrease of $1.7 billion due to market depreciation.
The investment services group also reported net outflows of $1.6 billion from institutions, including $1.4 billion from Australian equities.
“Over the quarter we experienced outflows as a result of institutional clients re-balancing their portfolios,” says CEO Geoff Lloyd.
Perpetual shares are down more than 5% to $46.185.