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.
Couldn't agree more. The positions of a consumer advocate with regard to financial advice when now Commissioner Kirkland was there…
Until they do better, it should be Moccona and a tin of Arnotts biscuits only. It's time that ASIC was…
Another Canberra way of transferring the problem back to advisers... How about ASIC do their job properly instead. That'd be…
Unlike Lawyers and Accountants, advisers have this thing called AFCA. All AFSL's must be a member of AFCA so how…
Lawyers and Accountants aren't as easy to sue as financial planners and also don't have licensee's sitting between them and…