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.
And then they get to wrap their members into their own inhouse retirement products such as a lifetime annuity, invested…
Regulatory Capture Corruption from ASIC & Industry Super Funds is ever increasing.
Yawn, more divisive, gender driven, taxpayer funded, university "research".
You missed "profit sharing" which is how ASIC described the commissions industry super funds receive from the life insurance companies.
Or more simply - they are attempting to create two different playing fields with two different sets of rules. Don't…