Magellan FUM slides 1.3% in February
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The news: Investment manager Magellan Financial Group reported a drop in funds under management (FUM) in February, as net outflows reached $500 million.
The numbers: Magellan's FUM fell 1.3% month over month, from $39.1 billion to $38.6 billion.
Retail FUM declined 1.9% from $16 billion to $15.7 billion while institutional FUM fell 0.9% from $23.1 billion to $22.9 billion. Magellan saw retail net outflows of $200 million and institutional net outflows of $300 million.
Global equities FUM shrank 2.1% to $14.2 billion and Australian equities fell 3.8% to $7.6 billion. Infrastructure equities edged up 0.6% to $16.8 billion.
The context: Magellan's February result marked only its second monthly fall in FUM over the last six months. Infrastructure FUM was the only segment which grew, even as analysts predict a surge of redemptions following the exit of its long-serving head of investments and infrastructure lead Gerald Stack.
The source: ASX
