A higher Australian dollar and falls in investment markets have reduced the Commonwealth Bank of Australia’s (CBA) funds under administration for the June quarter.

CBA says the funds at June 30 were $197 billion, down 1.3 per cent for the quarter ending June 30, 2011.

Retail investment flows were up for the quarter, while wholesale products were hit by the outflow of short-term cash mandates, the Sydney-based bank said in a statement on Friday.

Funds under management at June 30 were $149 billion, down 1.9 per cent for the quarter, mainly due to equity market declines.

Insurance in force premiums were up three per cent for the quarter at $1.64 billion, with growth across all businesses.

AAP