Wealth manager Perpetual Ltd has blamed a weaker equity market for the drop in funds under management during the June quarter.
Perpetual funds under management (FUM) fell 2.7% to $25.3 billion, from $26 billion in the March quarter, as the Australian share market's ASX200 index suffered a 3.3% slide.
Still, FUM were up 11.9%, or $2.7 billion, from $22.6 billion, in the year to June.
Excess returns from the majority of the group's Australian Equity funds offset a lower domestic equity market during the June quarter, the company said on Friday.
The company's share price slid 0.9% to $40.75 in morning trade.