Magellan FUM dips in April
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The news: Money manager Magellan Financial Group’s funds under management (FUM) dropped in April after five consecutive months of gains.
The numbers: Magellan’s FUM fell to $36.3 billion at April-end, down from $37.3 billion recorded in March. It experienced net retail outflows of $0.2 billion in the month but these were offset by net institutional inflows of $0.2 billion.
Magellan shares were down 1% to $8.65 in early trading on the ASX. Over the last five years its share price has plunged 77.36%.
The context: The fund manager has endured a challenging period over the last three years as it has suffered investment underperformance, seen departures of senior management figures, and faced significant outflows as a result.
Despite an improvement in the last few months, Magellan’s current FUM is a fraction of the $113.9 billion corpus it held at the end of FY2021.
The source: ASX announcement
