Magellan shares lift as outflows narrow
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More news: Shares in Magellan Financial Group were up 1.6% to $8.50 in early trading with investors encouraged by the investment manager continuing to lift its funds under management.
It reported net retail outflows of $0.2 billion in May but these were partially offset by net institutional inflows of $0.1 billion.
Magellan FUM lifts in May despite net outflows
The news: Money manager Magellan Financial Group’s funds under management (FUM) bounced back in May, following a dip during the previous month, despite net outflows.
The numbers: Magellan’s FUM rose to $36.7 billion during the month, up from $36.3 billion recorded in April.
However, it experienced net retail outflows of $0.2 billion during the month but these were partially offset by net institutional inflows of $0.1 billion.
The context: 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 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
