Magellan reports growth in its retail offering
Magellan Financial Group has reported net inflows of $282.8 million over the month to 31 October, growing its funds under management to $4.85 billion.
According to its latest FUM update on the Australian Securities Exchange, the group's retail funds under management reported a value of $2.35 billion, comprising $2.23 billion in global equities.
The October net inflows included $169.5 million into the Magellan Global Fund/Colonial First State Magellan Global Option, compared to $133.2 million as at 30 September.
Magellan head of distribution Frank Casarotti said retail had experienced steady inflows over the last 12 to 18 months due to increased platform, model portfolio and approved product list exposure.
Going forward, Casarotti said the group would be taking a "two-pronged attack" to building its retail offering.
"We want to develop deeper, more meaningful relationships with advisers within dealer groups who aren't supporting us, and blend that with supporting research and transparency to existing supporters," he said.
Recommended for you
In this episode of Relative Return, host Laura Dew speaks with Andrew Mitchell, director and senior portfolio manager at Ophir Asset Management, about why he loves working in fund management and the lessons he’s learnt in a decade of running a firm.
In this episode of Relative Return, host Laura Dew speaks with Blackwattle Investment Partners managing director and chief investment officer, Michael Skinner, about setting up an asset manager and what he looks for in an investment team.
In this special episode of Relative Return, Momentum Media’s Phil Tarrant and Jordan Coleman discuss the publishing house’s expansion into greater coverage of the wealth management space.
In this episode of Relative Return, host Maja Garaca Djurdjevic speaks with Riley James, founder and chief executive of fintech SuperAPI, about creating a superannuation ecosystem and potential changes from the Quality of Advice Review.