In a statement to the ASX, Perpetual said the $1.1 billion decrease in FUM was due to market depreciation, with the all ordinaries index down 7.2 per cent over the quarter.
The firm experienced net outflows of $0.7 billion, which included outflows of $1.0 billion in Australian equities and $0.1 billion from cash and fixed income.
According to the statement, the effect of the net outflows on the firm’s revenue for 2015-16 is approximately $2 million.
Perpetual chief executive and managing director Geoff Lloyd said: “In the first quarter of 2015-16 we experienced outflows as a result of institutional clients continuing to rebalance their portfolios.
“We remain committed to our disciplined management of flows and margins.”
Perpetual also confirmed that it received an institutional client mandate to manage Australian equities.
“This mandate is expected to have approximately the same FUM and impact on revenue this financial year as the Australian equities FUM lost in the first quarter of 2016,” the statement said.
