Magellan continuing to leak FUM
Fund manager Magellan is still suffering negative fund flows, reporting $2.1 billion in net outflows in June.
The company reported that funds under management (FUM) at 30 June stood at 39.7 billion, down from $41.4 billion as at 31 May.
It said the outflows were comprised of retail outflows of $0.4 billion and net institutional outflows of $1.7 billion.
The June institutional outflows can be regarded as disappointing in circumstances where the fund manager reported institutional flows for the month had been flat.
The $39.7 billion figure for FUM as at 30 June needs to be weighed against the fact that Magellan had $68 billion in FUM as at April, last year, a decline of just over 42% in 14 months.
The announcement said that Magellan funds would pay distributions (net of reinvestment) of approximately $0.3 billion in July, which would be reflected in the FUM figures in next month’s announcement.
It also noted that Magellan is entitled to estimated performance fees of approximately $11 million for the year ended 30 June, 2023.
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