$116b becomes $41.4b but Magellan steadies

Mike Taylor

Managing Editor/Publisher, Financial Newswire

7 June 2023

Fund manager Magellan may have turned a corner, reporting no institutional outflows in May – the first time more than a year that this has occurred.

Magellan reported retail outflows of $0.5 billion in May but reported net institutional flows for the month were “flat”.

This compares with institutional outflows of as much as $3.4 billion reported in March, $1.9 billion reported last November and $2 billion reported in October.

The fund flows picture has not been pretty for Magellan over the past 12 months with the company having $68 billion in funds under management in April, last year, which is now down to just $41.4 billion.

However, this, too must be compared to the $116 billion Magellan had in Funds Under Management before it was beset by the exit of its chief executive, Brett Cairns, and the loss of its lucrative St James Place mandate in December 2021.