Challenger Financial Group has posted its second straight quarterly drop in funds under advice and administration within its financial planning subsidiaries.
The Sydney-housed company's financial planning arm, Genesys Wealth advisers, saw funds under advice drop by almost $1 billion or 14.36 per cent to $5.8 billion for the quarter to March 31.
Funds under administration for Synergy Capital Management, Challenger's master trust and wrap account, declined by $238 million or 10.46 per cent to $2.03 billion.
Over the same period, the S&P/ASX 200 fell 15.5 per cent in the period, the benchmark's worst quarter on record since its 1992 inception.
"[The drop] was in line with market movements," a Challenger spokesperson said.
Challenger declined to comment on the outlook for its financial planning businesses.
Assets under management (AUM) of the company's funds management business were mixed in the quarter.
AUM of Challenger's market funds, which include Australian equities, international equities, real estate securities and various mandates, declined from $14.45 billion to just under $12.1 billion.
AUM of the company's specialised funds, which include its wine trust and infrastructure fund, jumped from $3.5 billion to nearly $5.1 billion.
Challenger is a quarter-owned by media firm Consolidated Media Holdings, which is chaired by James Packer, Australia's second-richest person.
The company's shares rose five cents or 2.50 per cent to close at $2.05 in trading yesterday.
