Magellan shares rise on positive FUM update
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More news: Magellan shares lifted in early trading after the investment group posted its fourth consecutive monthly rise in funds under management, as net outflows reduced.
Shares were up 4.6% at $8.94 by 10:50am AEDT.
Magellan books monthly FUM rise, stems outflows
The news: Money manager Magellan Financial Group’s funds under management (FUM) saw its fourth consecutive monthly rise in February, despite experiencing continued net outflows over the month.
The numbers: Magellan's FUM grew nearly 2.5% from $36.3 million at the end of January to $37.2 million in February.
Magellan halved its net outflows month on month, cutting January's total of $400 million to $200 million in February. This comprised net retail outflows of $100 million and net institutional outflows of $100 million.
The context: Despite improvements in recent months, Magellan’s FUM is less than a third of the size of the $113.9 billion it held at the end of FY2021.
Maple-Brown Abbott's Sophia Rahmani is set to start as the company's fourth CEO in May.
The source: ASX announcement
