Magellan shares gain on FUM lift
Make us a preferred source
Make us a preferred source on Google
More news: Shares in Magellan Financial Group are up nearly 4% to $11.86 after the investment manager reported a lift in its funds under management despite outflows continuing in November.
Magellan saw outflows of $0.4 billion in the month, but still saw FUM rise to $39.1 billion at November-end, from $38 billion a month earlier.
Magellan FUM up in November despite outflows
The news: Investment manager Magellan Financial Group has lifted its funds under management (FUM) despite outflows continuing in November.
The numbers: Magellan’s FUM rose to $39.1 billion at November-end, from $38 billion recorded in October.
It experienced net retail outflows of $0.2 billion in the month, as well as net institutional outflows of $0.2 billion.
The context: Magellan announced last month that chief operating and chief financial officer Kirsten Morton will leave at the end of the year.
The investment 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 FY2021.
The source: ASX announcement
