Magellan FUM declines $18.6b financial YTD
Fund manager Magellan Financial Group continues to see the erosion of its funds under management (FUM).
The company reported to the Australian Securities Exchange (ASX) today that it had experienced net outflows of $2.4 billion in April which included net retail outflows of $0.4 billion and net institutional outflows of $2 billion.
The ASX announcement showed that Magellan’s total FUM as at 28 April was $42.7 billion compared to $43.2 billion as at 31 March.
Placing the FUM erosion in context, Magellan’s total FUM as at 30 June, last year, stood at $61.3 billion and year earlier stood at $113.902 billion.
With Magellan FUM standing at $110,427 the company has seen an outflow of more than half of its FUM in two years.
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