(29 April 2010 – Australia) Commonwealth Bank of Australia says funds under administration and management fell in the March quarter.The bank said earlier this week that its funds under administration at March 31 were A$189 billion, down 1.7 percent from the last reported quarter.
Net flows for the three months were negative A$4.4 billion, impacted by outflows from wholesale short term cash mandates, the bank said.
Funds under management at March 31 were A$145 billion, down 2.6 percent from December 31, also due to outflows from short term cash mandates.
The bank also said that its property and alternate investments were also down for the quarter, due to the sale of CBA’s interest in Sydney’s Aurora Place in January.