Westpac Banking Corporation (ASX:WBC) was the only major bank to capture retail fund inflows during the March quarter, according to a report by the Australian Financial Review.
Weak growth in investment fund flows and nervous investors are having a negative impact on banks’ wealth management operations.
Westpac recorded overall inflows of $239 million. Australia and New Zealand Banking Group (ASX:ANZ) fell $168 million. The Commonwealth Bank of Australia (ASX:CBA) dropped $235 million and National Australia Bank Ltd (ASX:NAB) shed $330 million.
Westpac generated a net profit of $3.9 billion in the six months to 31 March 2011.
