Financial services companies Commonwealth Bank of Australia (CBA) and IOOF Holdings both reported funds under administration (FUA) and management gains in the September 2009 quarter.
CBA’s FUA jumped 8.3 per cent or $14.65 billion to $190 billion in the three months, the bank said.
Specifically, the FirstChoice platform’s FUA surged 15 per cent to $41.33 billion, while Custom Solutions which includes the FirstWrap product, saw FUA gain 10.7 per cent to $5.91 billion.
CBA’s FUM advanced 6.8 per cent over the September quarter to $148 billion, the bank said.
The country’s biggest lender by market value said insurance inforce premiums increased 2.1 per cent over the quarter to $1.59 billion, driven by strong new business volumes in retail life and general insurance.
Meanwhile, IOOF said its funds under management, administration, advice and supervision gained 6.52 per cent or $6.3 billion to $102.9 billion in the three months.
Specifically, the company’s investment management division, which includes Perennial Investment Partners, United Funds Management and LifeTrack, boosted FUM by 14.8 per cent to $30 billion.
Perennial benefited from a number of wholesale mandate wins during the period, IOOF said.
IOOF’s platform management and administration segment saw FUA advance 10.2 per cent to $24.9 billion in the same period.
“All major platforms, excluding Global One, posted positive netflows, as well as enjoying positive market movement,” IOOF said.
Australia’s S&P/ASX 200 Index rallied 19.94 per cent in the September quarter, while the MSCI World ex-Australia Index of overseas stocks added 7.1 per cent on an unhedged basis.
