Perpetual reported outflows of $8.9 billion in the three months to June 30.

In a quarterly update, the firm said total assets under management were $215 billion, up from $227 billion at the end of March.

“This was primarily due to the impact of negative market movements and distributions of $1.4 billion, current movements ($2.1 billion) and net outflows of $8.9 billion.”

Fourth quarter outflows follow net outflows of $5.2 billion in the prior quarter, $4.3 billion in Q2 and positive inflows of $0.1 billion in Q1.

Pendal fell 8% to $41 billion, led by net outflows of $3.4 billion and negative market movement of $0.1 billion. The largest outflows were seen in Pendal's large-cap, diversified and cash strategies.

Nevertheless, Perpetual said the integration of the Pendal Group is "progressing well" and remains ahead of the target synergies plan of $80 million.

Other hard-hit divisions were Trillium, down 13.6% in the quarter, and JO Hambro Capital Management, which saw AUM decline 7.5%.

Total assets under management in wealth management were $19.8 billion, down 1% from the prior quarter. This was due to negative market movement of $0.4 billion, but partially offset by net inflows of $0.2 billion.

Chief executive and managing director Rob Adams said: “The June quarter saw a mixed performance across our business divisions, with corporate trust and wealth management delivering solid results, while asset management experienced a difficult quarter impacted by net outflows, markets and currency movements.

“Our asset management business was impacted by the timing of several institutional client buyouts and short-term delays in expected new institutional inflows into specific strategies, as well as softer equity markets in Australian and global indices.

“JO Hambro, TSW and Trillium boutiques saw net outflows in global and international strategies during the period. In Australia, Pendal had a challenging quarter with cash outflows (cyclical, low margin) and Australian equities led by manager rationalization following a superfund merger and lower margin ex-Westpac AUM outflows. At Barrow Hanley, while there have been outflows in US equities, we have had solid client interest in Barrow Hanley's emerging market strategies as well as fixed income strategies.”

Earlier this year, the firm announced it had sold its corporate trust and wealth management business to private equity giant KKR for $2.1 billion, while Perpetual Limited will become a standalone asset management business. This followed a strategic review and also saw Adams stand down after a period of orderly transition following completion.

Adams has been in the role since September 2018, joined by Janus Henderson. He is also chief executive of asset management following the company's restructuring last year, which saw its asset management businesses form one global division and create a simplified management structure.