Magellan shares dip on monthly outflow rise
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More news: Shares in Magellan lowered after the money manager posted $700 million in outflows for the month of March.
Magellan shares were down 1.7% to $9.69 by 12:00pm AEDT.
Magellan notches FUM growth but outflows continue
The news: Money manager Magellan Financial Group’s funds under management (FUM) saw its fifth consecutive monthly rise in March, but posted $700 million in outflows.
The numbers: Magellan's FUM grew 0.27% from $37.2 million in February to $37.3 million in March. This followed a 2.5% rise in the previous month.
All of its segments notched gains, except global equities which lowered 1.2% to $16.2 million.
Magellan's net outflows rose month on month, from $200 million in February to $700 million in March. Institutional outflows accounted for $500 million while retail outflows were at $200 million.
The context: Magellan has experienced a tough period over the last three years as significant outflows have hit the fund manager following departures of senior executives and investment underperformance.
Magellan’s FUM remains less than a third of the size of the $113.9 billion it held at the end of FY2021.
Maple-Brown Abbott's Sophia Rahmani is set to start as the company's fourth CEO next month.
The source: ASX announcement
