Magellan says performance fees ‘not meaningful’
Fund manager Magellan has acknowledged that its performance fees for the six months ended 31 December, 2022, “are not meaningful” at the same time as confirming continuing outflows.
The company confirmed to the Australian Securities Exchange (ASX) on Friday that it experienced net outflows of $2.6 billion in December, which included net retail outflows of $0.6 billion and net institutional outflows of $2 billion.
It said Magellan funds would pay distributions (net of reinvestment) of approximately $0.3 billion in January, which reflected the Funds Under Management figures in next month’s announcement.
“Performance fees for the six months ended 31 December 2022 are not meaningful,” the ASX announcement said. “Performance fees (if any) may fluctuate significantly from period to period.”
“Average FUM for the six months ended 31 December 2022 was $53.8 billion ($112.7 billion for the six months ended 31 December, 2021).
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