Misleading media report on Assets Under Management
17 October 2002
There was an incorrect assertion in the media today that there had been a
drop of $12 billion in the Bank’s wholesale assets under management. This
assertion failed to acknowledge that for the Assirt Total Assets Under
Management Report, the Bank changed from reporting Colonial First State and
Commonwealth Bank/Colonial separately to reporting as a consolidated group. The
re-classification of various funds from one category to another resulted in
funds previously treated as wholesale funds from the Colonial First State point
of view now being treated as retail funds from the Commonwealth Bank point of
view.
The media assertion was based on a comparison between the Assirt figures for
March and June 2002. These figures are not comparable because of the change to
the Bank’s reporting outlined above.
