Commonwealth Bank chief executive Ian Narev said the bank was committed to its wealth management business, despite its weak performance and a trend for big banks to reduce their involvement in wealth.The performance of CBA's wealth management division during the second half of the financial year was the biggest weakness in the bank's results. The division suffered a 34 per cent fall in cash profit during the June half.Funds management income and insurance income were both down, while expenses rose a little.Funds under administration were flat during the half, at A$132.7 billion and assets under administration were down two per cent to $195.5 billion. Annual in-force insurance premiums were unchanged at $2.4 billion.The bank said the fall in assets under management reflected weakness in investment markets and a change in the product mix resulted in a fall in the AUM margin.The life insurance business was affected by higher claims. General insurance income fell as a result of higher events claims.Narev said having a wealth management business was "good for customers" and gave the bank another source of income.Recent moves at the other big banks indicate that his counterparts don't agree.National Australian Bank is selling 80 per cent of its life business to Japanese life insurance giant Nippon Life. NAB is retaining ownership of its superannuation, other investment and advice businesses. It will retain 20 per cent of the life business, which will give it access to distribution of life products.In a review of the deal, Citi banking analyst Craig Williams said such moves gave local banks an opportunity to reduce the capital requirements of owning wealth management businesses, while keeping access to product distribution and advice. ANZ is also making changes to its wealth business. In March the bank announced that its Australian private bank would become the responsibility of the group executive Australia, and that ANZ-branded wealth distribution, including financial planning, would move into retail distribution.In New Zealand, wealth will become part of an expanded retail, business banking and wealth division. In Asia, wealth will be folded into the Asian retail business.The remaining insurance, superannuation and investment activities in Australia will become a business called Australia Wealth. This business is under review, with much speculation about a sale or joint venture.