Magellan rebrands as Magellan Investment Partners
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The news: Magellan Financial Group has rebranded to Magellan Investment Partners.
The context: The $40 billion fund manager said the rebrand reflected the business today and its future strategy as an investment management business.
The stock was up 1.17% by 11:03am AEST and over the last 12 months has jumped 11.19%.
The investment manager has endured a challenging three years as it has suffered investment underperformance, significant outflows and seen departures of several senior management figures.
Its current FUM is a fraction of the $113.9 billion corpus it held at the end of FY2021.
What they said: Magellan chief executive and managing director Sophia Rahmani said: “These updates to our brand reflect our commitment to building an innovative financial services business that continues to unearth unique opportunities across investment management and specialist financial services”.
The source: ASX
