Wealth managers struggle

06/08/08
Wealth managers struggle

Fund inflows across the wealth management industry continue to fall.
The worst March quarter ever for flows in to investment products has raised expectations of the worst annual figures for inflows in 15 years.
Retail funds under management dropped by 9 per cent in March.
AXA Asia Pacific has announced a net profit for the half year to June of $94 million. AXA shares reversed the slide of the last week to finish seven per cent higher for the day at $4.60.
The company said the global liquidity crisis had stripped 75 per cent from first half net profit but no staff would be sacked.
Westpac's wealth management arm BT recently laid off 200 staff as a result of declining markets impacting on profitability.

Source: The Australian Financial Review