Magellan funds rebound in November, but outflows persist
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The news: Investment manager Magellan's funds under management rebounded by $900 million in November after months of declines.
The numbers: Magellan's FUM increased from $34.3 billion to $35.2 billion despite net outflows of $1 billion. Shares in the investment manager were 2.6% higher by 1:40pm AEDT at $7.76.
The context: Last month Magellan shareholders lodged a first strike on pay, with 58% of votes rejecting the company's remuneration plan. They will be hoping the bottom is in after the investment manger's FUM shrunk from $113.9 billion in mid-2021 to a low of $34.3 billion in October, amid poor investment performance, executive exits and contracting client funds.
The source: ASX Announcement
