Magellan funds under management slide further

The news: Magellan's funds under management continued to slide in October, with the investment manager waving goodbye to $800 million.

The numbers: Magellan's FUM fell from $35 billion to $34.3 billion, made up of half a billion in institutional outflows and $300 million in withdrawals by retail investors. In September, investors withdrew $2.0 billion from the firm's control.

The context: Magellan has been beset by poor investment performance, executive management exits and rapidly shrinking client funds. September's $35 billion FUM figure was already a nine-year low before the latest decline.