Outflow pain continues for Magellan

Fund manager Magellan experienced another challenging month in September, with outflows of $2 billion.

After steadying its fund flows in the institutional space earlier this year, Magellan found itself under pressure.

The company announced to the Australian Securities Exchange (ASX) that it had experienced net outflows of $2 billion during the month, which included net retail outflows of $0.3 billion and net institutional outflows of $1.7 billion.

The fund manager now has total funds under management (FUM) of $35 billion.

The fund manager started the year with $45.3 billion in total FUM and at the same time last year had $50.9 billion in FUM.