Commonwealth Bank of Australia's (CBA) FirstChoice platform saw funds under administration (FUA) contract in the September quarter, as investment markets deteriorated.
FirstChoice, operated by CBA-owned Colonial First State, saw FUA drop 3.9 per cent to $37.21 billion, a CBA statement to the market said.
Netflows were $327 million for the period.
By contrast, CBA's Avanteos platform saw FUA climb 1.2 per cent to $6.33 billion, experiencing $320 million of netflows in the period, the statement said.
The platform's offering may be boosted with the addition of a promotional defensive fund every month, Avanteos chief executive Chris Stevens said in September.
CBA's funds under management (FUM), including Australian stocks, global shares, property and alternatives, cash and fixed interest, fell 4.6 per cent to $145 billion in the quarter.
Insurance inforce premiums in CBA's wealth management division experienced strong new business volumes, the statement said.
Total insurance inforce premiums advanced 5.2 per cent to $1.31 billion in the September quarter, led by general insurance.
The S&P/ASX 200 Index slid 10.5 per cent in the three month period.
