Magellan posts 2.1% monthly growth in assets under management
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The news: Investment manager Magellan Financial Group reported a rise in assets under management (AUM) in May, as net outflows reached $400 million.
The numbers: Magellan's AUM grew 2.1% month over month, from $38.5 billion to $39.3 billion.
Retail AUM rose 3.1% from $16.2 billion to $16.7 billion while institutional AUM grew 1.3% from $22.3 billion to $22.6 billion. Magellan saw net outflows of $200 million at both its retail and institutional segments.
Global equities AUM was up 3.8% to $13.5 billion, Australian equities up 2.7% to $7.7 billion and Vinva up 7.1% to $1.5 billion. Infrastructure equities were flat at $16.6 billion.
The context: Magellan's May result marked back-to-back monthly growth in AUM for the first time since November last year.
Infrastructure AUM was the only segment that failed to grow, after analysts predicted a surge of redemptions following the exit of its long-serving head of investments and infrastructure lead Gerald Stack earlier this year.
The source: ASX
