Magellan suffers more outflows
Fund manager Magellan is continuing to suffer fund outflows.
The company reported to the Australian Securities Exchange (ASX) today that it had experienced net outflows of $2.5 billion, comprised of net retail outflows of $600 million and net institutional outflows of $1.9 billion.
The ASX announcement said that total funds under management as at 30 November stood at $50.2 billion, down from $51 billion as at 31 October.
The data revealed that the company’s problems lay in global equities which were down to $24.6 billion, while infrastructure equities had actually increased to $16.8 billion while Australian equities were also up to $8.8 billion.
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