Financial services group Perpetual's funds under management (FUM) fell 4.7 per cent in August, due to a combination of equity market declines and outflows.
The company's FUM stood at $24.2 billion at the end of month, down from $25.4 billion in July, Perpetual said in an Australian Securities Exchange announcement.
The decline was attributable to institutional outflows of roughly $280 million from Australian concentrated equities and $195 million from cash, it said. Perpetual blamed another $367 million of the FUM reduction on stock market falls.
As part of company policy, Perpetual did not disclose the names of clients that made withdrawals, a spokesperson said.
Global equity markets were roiled in August amid concerns over Europe's ability to manage its debt crisis and fears the United States economy could stall.
All but two of 45 developed and emerging equity markets posted negative returns in August, according to Standard & Poor's (S&P) Indices.
The S&P/ASX 200 gauge slid 5.51 per cent, while the S&P Global Broad Market Index tumbled 7.74 per cent.
