CEO appointment fails to stem Magellan outflows
Funds under management (FUM) at Magellan have fallen from $68.6 billion to $65 billion in May, a monthly loss of more than double April’s figure.
In an announcement to the Australian Securities Exchange (ASX), the firm said assets were $65 billion as of 31 May.
This was a decline of $3.6 billion compared to a monthly loss of $1.4 billion during April.
This was comprised of $23.6 billion in retail and $41.4 billion in institutional funds under management.
The largest sector was global equities, which had $35.2 billion, followed by infrastructure equities at $20.7 billion. Australian equities was the smallest at $9.1 billion.
Global equities saw a decline of 7.3% month-on-month while Australian equities declined 8%. Infrastructure equities was unchanged at $20.7 billion.
During the month, the firm appointed David George from Future Fund as its new chief executive and managing director, who would join Magellan by August.
The firm was still yet to confirm a return date for chief investment officer, Hamish Douglass, who took a leave of absence from the firm in February.
AUTHOR
Laura Dew
Recommended for you
T. Rowe Price believes Australian growth is successfully managing to shrug off consumer weakness, but the firm’s multi-asset team is not yet positive enough to increase its underweight position.
Iress has issued an update denying the validity of “certain statements” made by an alleged threat actor, following a cyber incident last weekend.
The latest budget papers have outlined a $10 million provision for ASIC greenwashing enforcement activity as well as funds for a sustainable labelling regime to be partially met by industry levies.
Betashares has expanded its fixed income solutions with the launch of a new ETF offering exposure to subordinated bonds issued by the big four Australian banks.
