Perpetual's funds under management (FUM) as at 30 June 2015 were $30.2 billion, down from 34.7 billion as at 31 March 2015.
According to a statement by the fund manager, the largest contributor to the change in FUM over the quarter was a decrease of $1.7 billion due to market depreciation.
Perpetual also experienced $1.6 billion in net outflows during the three months to 30 June 2015, including $1.4 billion from Australian equities in the institutional channel.
Perpetual chief executive and managing director Geoff Lloyd said the outflows were the result of institutional clients rebalancing their portfolios, adding that no clients were lost during the June 2015 quarter.
"We are committed to our strategic discipline of balancing flows and margins appropriately to benefit shareholders and believe investors remain prepared to pay an appropriate premium for long-term outperformance," Mr Lloyd said.
Perpetual Investment announced a distribution payment of $1.2 billion to its clients (net of automatic re-investments), down $100 million on the previous corresponding period.
