Lowy Family becomes substantial holder of Magellan Financial Group
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The news: The Lowy Family’s trust Oryxium has become a substantial holder in Magellan Financial Group.
The numbers: The family, which formerly owned Westfield, now has a 5.1% stake in the investment firm after purchasing 9.35 million shares for $79 million.
Magellan’s shares were up 1.5% to $10.73 by 10:24am AEDT.
Oryxium joins institutional top holders State Street Global (7.3%), BlackRock (6.55%), Dimensional Fund AdvisArs (6.39%), and Vanguard Group (6.08%).
The context: The investment comes just days after Magellan announced its proposal to merge with startup investment bank Barrenjoey.
Since its announcement on the merger and its $130 million institutional placement as part of the proposal, Magellan’s shares have jumped 8.07%.
The source: ASX
