Wraps, platforms, and master trusts FUM declined to $982.5 billion over the year to end of March 2023, although some market leaders like HUB24 and Netwealth experienced double-digit growth.
Bringing an end to years of speculation and sales discussions, Westpac will retain its platforms business, saying it intends to "aggressively compete" in the space.
Wholesale and retail funds have seen a reduction of almost $200 billion during the June quarter with volatile global stock markets continuing to wreak havoc.