Volatile equity markets and funds outflows drove a 4.7 per cent decline in Perpetual Ltd’s funds under management (FUM) during August.

The wealth manager and trustee on Wednesday said FUM fell to $24.2 billion at August 31 from $25.4 billion at July 31.

Plunging equity markets caused Perpetual to lose $367 million in FUM during the month, Perpetual said in a statement on Wednesday.