Insignia Financial's (ASX:IFL) funds under management and administration fell 1.5% to AU$321.77 billion in the fiscal third quarter ended March 31 from AU$326.77 billion in the prior quarter, according to a Wednesday filing with the Australian bourse.
Total net outflows for the quarter reached AU$1.8 billion, led by institutional outflows within the low-margin direct asset management business due to client rebalancing, the filing stated.
Insignia Financial has an exclusive due diligence period with takeover bidders Bain Capital Private Equity and CC Capital Partners.
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