Aussie equities rise at Magellan

Magellan/Aussie-equities/

5 August 2022
| By Laura Dew |
image
image image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

3 weeks 6 days ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 3 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

2 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3