Magellan confirms extent of outflows
The recent negative publicity around Magellan Financial Group has translated into its fund flows, with the fund manager’s latest report to the Australian Securities Exchange (ASX) revealing declines.
The company reported that for the December quarter, excluding the termination of the St James’s Place mandate, Magellan experienced net outflows of $1,552 million, which included net retail outflows of $1,093 million and net institutional outflows of $459 million.
The ASX announcement noted that St James’s Place terminated its mandate effective 20 December, 2021, which resulted in a $23 billion reduction in institutional funds under management.
It said that for the six month period ended 31 December 2021, base management fees were approximately 62 basis points (per annum) of the average of month-end funds under management over the period.
FUM averaged $112.7 billion for the six months ended 31 December 2021 compared to $100.1 billion for the six months ended 31 December 2020.
You're clearly an AIOFP member and most likely licensed by Interprac, The AIOFP record in this area is abhorent.
So now S & FG are the fault of the AIOFP ? Dixons was AIOFP fault too ?
So now S & FG are the fault of the AIOFP ?
I really hope this doesnt end badly and bring a stink to the industry. This mob do not have a…
You know its just going to be a conduit for the investments they can't get on other platforms