Magellan FUM drops 1.3% in December
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The news: Investment manager Magellan Financial Group reported its first monthly drop in funds under management (FUM) since August 2024.
The numbers: Magellan's FUM fell 1.3% month over month in December, from $39.1 billion to $38.6 billion.
Retail FUM lowered from $16.2 billion to $16.1 billion while institutional FUM fell from $22.9 billion to $22.5 billion.
Magellan experienced net outflows of $400 million in December, including net retail outflows of $200 million and net institutional outflows of $200 million.
Average FUM for the half-year ending 31 December 2024 was $38 billion, compared to $36.9 billion for the six months ending 31 December 2023.
The context: Magellan's December result marked the fund manager's first monthly decline since August. The company also flagged that it will pay distributions of around $600 million in January, which will be reflected in next month's FUM figures.
Magellan will take estimated performance fees of approximately $6 million for the six months to 31 December, compared to $100,000 for the previous corresponding period.
The source: ASX announcement
