Magellan AUM drops 2.8% in March, net outflows hit $600m
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The news: Investment manager Magellan Financial Group reported a drop in assets under management (AUM) in March, as net outflows reached $600 million.
The numbers: Magellan's AUM fell 2.8% month over month, from $38.6 billion to $37.5 billion.
Retail AUM declined 5.1% from $15.7 billion to $14.9 billion while institutional FUM fell 1.3% from $22.9 billion to $22.6 billion. Magellan saw retail net outflows of $200 million and institutional net outflows of $400 million.
Global equities AUM shrank 5.6% to $13.4 billion and Australian equities fell 5.3% to $7.2 billion. Infrastructure equities edged up 0.6% to $16.9 billion.
The context: Magellan's March result marked back-to-back monthly declines in AUM. For the second consecutive month, infrastructure AUM was the only segment which grew, even as analysts predict a surge of redemptions following the exit of its long-serving head of investments and infrastructure lead Gerald Stack.
The source: ASX
