Magellan FUM up in January but outflows persist

The news: Money manager Magellan Financial Group’s funds under management (FUM) rose in January amid strong equity markets globally, but its net outflows have continued.

The numbers: Magellan’s FUM rose to $36.3 billion at January-end, up from $35.8 billion recorded in December. It experienced net outflows of $0.4 billion in the month, including net retail outflows of $0.2 billion and net institutional outflows of $0.2 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.