Steady FUM helps bump up Magellan shares
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More news: Shares in Magellan Financial Group are up 0.7% at $10.39 after the investment manager reported steady funds under management (FUM) despite continuing retail outflows.
The group reported net outflows of $300 million, but said FUM remained unchanged from a month ago at $38 billion.
Magellan FUM flat in October despite outflows
The news: Investment manager Magellan Financial Group’s funds under management (FUM) remained steady in October despite net outflows of $300 million across its retail and institutional portfolios.
The numbers: Magellan’s FUM was $38 billion at October-end, unchanged from a month earlier.
It experienced net retail outflows of $200 million in the month, and net institutional outflows of $100 million.
The context: Magellan had previously flagged the retail redemptions from specialist investors that purchased closed class units at a discount to net asset value.
The fund manager has endured a challenging period over the last three years during which it has suffered investment underperformance, seen departures of senior management figures and faced significant outflows.
Despite a steady improvement in FY24, Magellan’s current FUM is a fraction of the $113.9 billion corpus it held at the end of FY21.
The source: ASX announcement
