Aussie equities rise at Magellan
Magellan has seen monthly outflows of $2.5 billion with funds under management approaching $60 billion.
In an announcement to the Australian Securities Exchange, the fund manager said it saw outflows of $2.5 billion during July.
Total funds under management were now $60.2 billion, down from $61.3 billion at the end of June.
The firm said net outflows were comprised of $0.4 billion in retail outflows and $2.1 billion in institutional outflows.
Global equities saw a fall from $33.3 billion to $33 billion while infrastructure equities fell from $20 billion to $18.9 billion.
However, Australian equities bucked this trend with a rise from $7.9 billion in June to $8.3 billion as investors sought a safe haven in a volatile market.
July also saw the beginning of David George’s tenure as the firm’s new chief executive, a start date that was brought forward following the decision to appoint Hamish Douglass in a consultancy role from October.
AUTHOR
Laura Dew
Recommended for you
Some 42 per cent of CEOs say they are actively reinventing their business to stay relevant in the next decade, with consumer services the most common choice for asset and wealth managers.
Former Ophir Asset Management chief executive, George Chirakis, has joined private equity manager Scarcity Partners, while the asset manager has appointed a replacement from Macquarie.
Australian Unity has appointed a fund manager for its Healthcare Property Trust, joining from Centuria Healthcare, as it restructures the product with a series of senior appointments.
Financial advisers nervous about the liquidity of private markets funds for their retail clients are the target of fund managers launching semi-liquid products which offer greater flexibility and redemptions.
