FUM outflow pain continues for Magellan
Fund manager Magellan has experienced net outflows of approximately $5 billion since the end of February.
The company reported to the Australian Securities Exchange (ASX) that as at 11 March 2022 Magellan had funds under management of approximately $69.1 billion compared with the last reported funds under management (FUM) of $77.2 billion).
It said this was comprised of $39.2 billion in Global Equities, $20.4 billion in Infrastructure Equities and $9.5 billion in Australian equities.
“The change in FUM comprised market movements (including foreign exchange and reflecting recent market volatility), net outflows and notifications of intention to redeem since the most recent FUM update on 25 February 2022.
“Magellan has experienced net outflows of approximately $5 billion since the most recent FUM update on 25 February 2022, which comprised net institutional outflows of $4.7 billion and net retail outflows of $0.3 billion,” the ASX announcement said.
“In addition, since 25 February 2022, Magellan has received notifications to redeem of $1.0 billion, which has been reflected in the FUM figures,” the fund manager said.
Hang on,hang..... does the SIAA not know that the Minister in on public record as saying words to the effect…
There is zero upside and a heap of downside dealing with retail these days. Smart advisers either have moved to…
It is total rubbish to say "too few financial advisers to deliver financial advice to all who need it. Indeed,…
Very sensible positioning Judith: So, until we fix the process or providing advice to retail clients and create a pathway…
Make it all the same rules as wholesale has now or none. Tiering is bizarre and an acknowledgement of over…